U.S. oil drilling slumps, domestic production at risk

March 24, 2009

A slump in U.S. oil drilling activity due largely to weak prices could thwart the Obama administration’s goal of cutting crude imports by putting a dent in future production, analysts have said.  Below are graphs showing the decline in the number of rigs actively drilling for oil.

rigs_1

 

rigs_2

Comments

Inspite Of such a drastic fall from Nov Crude Oil supplies are actually up.

Things must be really slowing down!!!!!

Posted by Kunal | Report as abusive
 

You should poll how everybody is reacting to this: 1) Confirmation bias of the bear mkt 2)bullish signal for at least technical bounce.

So far oil price says 2).

 

It’s going to take a couple of months before the lower production is felt by the market.

Posted by mike platt | Report as abusive
 

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